Strong growth, new Banking Centers, leading deposit and lending market share and over $1 million in donations and sponsorships highlighted this year’s annual meetings of The Cape Cod Five Cents Savings Bank and The Cape Cod Five Mutual Company, respectively, that took place on Wednesday, May 17, 2017.
At the meeting, the Bank reported strong financial results for 2016 with net income of $19.6 million, representing a 38.2% increase from 2015. The Bank’s loan portfolio and deposit base continued to grow in 2016, resulting in total assets reaching $3.1 billion by the end of the year, a 7.7% increase from 2015. The Bank remains well-capitalized according to all regulatory definitions.
“This positive financial performance serves as the foundation for our ability to carry out our mission to serve as our customers’ trusted financial advisor, to support and develop our employees and to contribute to the health and vitality of our communities,” said Dorothy A. Savarese, Cape Cod Five President and CEO. “Our aim is to help our customers navigate their financial journeys by providing straightforward financial products and services and sound objective information and advice.”
The Bank remained number one in deposit and mortgage market share in Barnstable County and was named MassHousing’s 2016 Top Producer of Affordable First Mortgages in Barnstable County for the 10th consecutive year. Additionally, the Bank remained number one in mortgage market share in Nantucket County and reached number two in mortgage market share in Dukes County.
The Bank acquired the former Mutual Bank branch in Falmouth and opened its first full-service Banking Center on Martha’s Vineyard. Investments continued in technology and security in addition to providing expanded access for customers through new online tools.
Cape Cod Five continued its commitment to its five pillars of community banking, responsible business practices, corporate leadership and volunteerism, financial education and philanthropy. Combined charitable giving from the Bank and its Charitable Foundation exceeded $1 million for the third consecutive year in 2016.
At the meeting, Paul Rumul of East Sandwich was elected as a new Trustee and Christine L. Bruno of Wareham, Craig A. Canning of Sandwich, Geoghan E. Coogan of Vineyard Haven, William P. Hourihan, Jr. of Nantucket, John A. Roberts, III of Oak Bluffs and Robert C. Smith of West Tisbury were elected as new Corporators of the Cape Cod Five Mutual Company.